Daily GK Update- 4th May, 2023

NATIONAL UPDATES:

 

1. PM Prasad to be next Coal India chief: Polavarapu Mallikharjuna Prasad has been appointed as the chairman and managing director of Coal India Limited. He is currently posted as CMD of Central Coalfields Ltd (CCL), Ranchi. In 2015, he joined NTPC as Executive Director (Coal Mining) and Northern Coalfields Limited (NCL) in 2018 as Director of Technical (P&P). In 2019, he was also appointed as CMD of BCCL. The Union coal ministry has set a target for Coal India Limited to produce 1012 MT of coal by 2023-24

 

2. India's domestic coal production rises by over 22 % during last five years: India's domestic coal production has increased by over 22% during the last five years. The overall coal production has seen a quantum jump to 893.08 Million tonnes in 2022-23 from 728.72 Million tonnes in 2018-2019 with a growth of about 22.6%. The govt aims to enhance domestic coal production to reduce the dependence on substitutable coal imports Several measures have been taken to ramp up domestic coal production to ensure adequate coal stocks at thermal Power Plants

 

3. Ex Buland Bharat conducted at High Altitude Artillery Ranges: An integrated surveillance and firepower training Exercise BULAND BHARAT was conducted at the Highest Altitude Artillery Ranges of Eastern Theatre. It involves the synergized application of surveillance and firepower capabilities of the Artillery and the Infantry in close coordination with Special Forces, Aviation, and CAPF deployed in West Kameng and Tawang districts of Arunachal Pradesh. Uninterrupted communication on multiple media was also tested at long distances.

 

4. REC Limited lists its Green Bonds of USD 750 Million at GIFT IFSC: A Maharatna power finance company, REC Limited has exclusively listed its recently issued Green bonds worth $750 million at GIFT IFSC Stock Exchanges, under its Global Medium Term Programme of $7 billion. The Green bond issuance by REC Limited reinforces its status as one of the most accomplished and frequent issuers in the international capital markets. International Financial Services Centres Authority Chairman Injeti Srinivas attended the ceremony as chief guest.

 

5. UGC launches 'CU-Chayan' portal for faculty recruitment: UGC Chairman M Jagadesh Kumar has launched the Central University Faculty recruitment portal CU-Chayan. It is a completely user-friendly portal and caters to the needs of all the stakeholders in the recruitment process. Aim: To create an enabling environment for both, universities and the applicants with universities driving all the stages of the recruitment independently It has been developed after consultations with all the Vice Chancellors of Central Universities.

 

6. India’s unemployment rate at a four-month high in April 2023: According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate of India has surged to a four-month high of 8.11% in April, compared to 7.8% in March 2023. Urban unemployment climbed to 9.81% from 8.51% in the same period and rural unemployment fell marginally to 7.34% in April from 7.47% a month ago. The rise in the unemployment rate came on the back of higher labor participation, which has risen to 41.9% from 39.7% in March.

 

7. 4 May – Coal Miners Day: Coal Miners Day is celebrated every year on May 4. Objective -To raise awareness about the importance of mine safety and the need to ensure safe working conditions for miners. Coal mining has a long history dating back to the 16th century when George Bruce of Carnock, Scotland, opened the first coal mine in 1575. Since then, coal mining has played a vital role in the growth and development of economies worldwide.

 

INTERNATIONAL UPDATES:

 

1. Cristiano Ronaldo becomes Forbes' highest-paid athlete for 2023: According to Forbes, Soccer player Cristiano Ronaldo (Portugal) has become the highest-paid athlete in the world for 2023, after moving to Saudi Arabia's Al-Nassr. He has signed a £175 million-a-year contract with Al-Nassr, which will expire in 2025. He has earned $136m (£108.7m) over the past 12 months. Lionel Messi (Argentina) ranked second with an earning of $130 million, followed by Kylian Mbappé, LeBron James, and Canelo Álvarez.

 

2. Ajay Banga appointed as president of World Bank for 5 years: The World Bank's 25-member executive board has confirmed the appointment of Indian-American Ajay Banga as the new president of the World Bank, effective June 2, 2023. He was nominated by US President Joe Biden in February 2023. Presently, he is serving as the vice chairman at US investment firm General Atlantic LP. Before that, he worked as president and CEO of Mastercard. In 2016, he was awarded the fourth-highest civilian award, Padma Shri.

 

3. APAC to overtake US, become world’s top fintech market by 2030: According to a report by Boston Consulting Group (BCG) and QED Investors, Asia-Pacific (APAC) region is set to overtake the United States as the world's largest financial technology (fintech) market by 2030. Report title: Global Fintech 2023: Reimagining the Future of Finance It has been predicted that APAC will have a CAGR of 27%, surpassing North America's CAGR of 17%. The growth will be driven by emerging APAC countries such as China, India, and Indonesia.

 

4. India, Israel sign MoU on Industrial R&D Cooperation: India has signed an MoU with Israel on Industrial Research and Development Cooperation with focus on several key technology areas.

These are aerospace, Electronics Instrumentation, Civil, Infrastructure and Engineering, Environment, Mining, Chemicals, and Petrochemicals and Agriculture. The Multi-Sectoral Agreement was signed between Council of Scientific and Industrial Research, CSIR and Directorate of Defense Research and Development, Ministry of Defense of Israel in New Delhi. This agreement will open a new phase in tIndia-Israel partnership in areas like Innovation, Technology, and startup.

 

5. Sri Lanka’s Dialog Axiata and Bharti Airtel sign binding term sheet: Sri Lanka’s top mobile telecommunication firm, largest telecommunications provider Dialog Axiata and India’s Bharti Airtel have signed a binding term sheet for the merger of their Sri Lankan subsidiaries. With this merger, Bharti Airtel will get access to a large customer base in the island nation. Airtel would be issued new shares in Dialog upon completion of the transaction. The proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals.

 

6. 60th Foundation Day of Indian Institute of Foreign Trade: Indian Institute of Foreign Trade (IIFT), New Delhi has celebrated its Diamond Jubilee on its 60th Foundation Day on 3 May. On the occasion, Vice-Chancellor of IIFT Prof. Satinder Bhatia released the commemorative issue of Foreign Trade Review (FTR) Journal. In the journey of 60 years, IIFT has consistently achieved better rankings among top business schools by earning AACSB accreditation for offering an impressive range of innovative MDP/EDP offered by the institute. The Indian Institute of Foreign Trade (IIFT) was established in 1963 as an autonomous body under the Union Ministry of Commerce & Industry to contribute in the skill building for the external trade sector of India.

It is one of the top business schools of India with a special focus on Trade and Finance.

 

7. Foreign Ministers meeting of SCO member countries begins in Goa: A two-day meeting of foreign ministers of the Shanghai Cooperation Organization (SCO) begins in This crucial meeting will set the stage for the SCO Leaders’ Summit to be held in July in New Delhi. The theme of India’s Chairmanship of SCO in 2023 is ‘SECURE-SCO’. India attaches special importance to SCO in promoting multilateral, political, security, economic and people-to-people interactions in the region. India, since becoming a member in 2017, has persistently pushed for the strengthening of collaboration on issues pertaining to regional security, defence, and combating terrorism, among others. India, which took over the chairmanship of the SCO grouping in September 2022, is the host in 2023. The SCO has Russia, India, China, Pakistan, and four central Asian countries – Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, as its members.

 

8. 4 May – International Firefighters’ Day: International Firefighters’ Day (IFFD) is observed every year on 4 May. Objective – To honour and pay tribute to the great work done by the firefighters while protecting the life and property of people. This day is an opportunity to show appreciation to those who serve their communities with selflessness and bravery, putting themselves in harm’s way to protect others. Firefighters exemplify bravery, resilience, and selflessness, rushing into burning buildings and battling wildfires. Every year on May 4, the day recognizes their dedication, sacrifice, their tireless efforts in keeping us safe. International Firefighters Day was established in 1999 to honour the sacrifices and bravery of firefighters worldwide.

OTHER UPDATES:

 

SPORTS

 

1. Vantika becomes 11th women to achieve International Master title: Vantika Agrawal is the new India Women No.3 in Chess and the 11th Indian women to achieve the International Master title. Agrawal has played 4 International tournaments previously where she has increased her FIDE rating by 61 points. She has also won a bronze medal in the National Women’s Championship held in Kohlapur in January 2023 and a gold medal for the Airport Authority of India in February 2023 She played on Board 1 for India 2 Team at the 44th Chess Olympiad in 2022 and was the only Indian player to achieve the IM norm. She was honored with the President’s Award by former Indian President Pranab Mukherjee for her excellence in sports.

 

BANKING AND FINANCE

 

1. Pine Labs, ICICI Bank partners to enable Digital Rupee on PoS terminals: Merchant commerce platform, Pine Labs has partnered with the ICICI Bank for the acceptance of the digital Rupee on its PoS terminals. The technology integration between the two entities will now support Digital Rupee acceptance at Pine Labs’ point-of-sale terminals across key retail outlets in Mumbai and Bengaluru. Pine Labs’ execution of the Digital Rupee payment process is completely digital via dynamic QR (quick response) built within its smart Android PoS terminals.

 

2. Cashfree, YES Bank partners to offer international payment collection: Cashfree Payments has partnered with the YES Bank to offer ‘Global Collections’, an international collection service for exporters. Under this partnership, the bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service. The funds so received can then be converted into rupee and settled into their local bank account in India within one business day.

 

3. Report on Currency and Finance (RCF) for the year 2021-22: RBI has released a report titled, 'Currency and Finance 2022-23' with a theme of 'Towards A Greener Cleaner India'. This report covers four major dimensions of climate change to assess future challenges to sustainable high growth in India. Areas: Unprecedented scale and pace of climate change; its macroeconomic effects; implications for financial stability; and policy options to mitigate climate risks. The country's goal of achieving the net zero target by 2070.

 

4. SEBI introduces the Legal Entity Identifier (LEI) System: Capital markets regulator SEBI has introduced Legal Entity Identifier (LEI) system. Reason: For issuers that have listed or planning to list non-convertible securities, securitized debt instruments, and security receipts It is a unique global identifier for legal entities participating in financial transactions.

It is designed to create a global reference data system that uniquely identifies every legal entity, that is party to a financial transaction.

 

AWARDS AND HONOURS

 

1. Three Imprisoned Iranian female journalists win top UN prize: Three imprisoned Iranian female journalists have been named as the winners of the United Nations premier prize for press freedom. The three winners, Niloufar Hamedi, Elaheh Mohammadi, and Narges Mohammadi were recognized for their work in reporting on human rights abuses in Iran and their commitment to truth and accountability. The winners are Niloufar Hamedi who broke the news that 22-year-old Mahsa Amini died last September while being held by the morality police for wearing her headscarf too loosely, and Elaheh Mohammadi who wrote about her funeral. Amini’s death touched off months-long protests in dozens of cities across Iran. The demonstrations posed one of the most serious challenges to the Islamic Republic since the 2009 Green Movement protests drew millions to the streets. The third winner is Narges Mohammadi, who has worked for many years as a journalist and is one of Iran’s most prominent activists.

 

2. UNESCO World Press Freedom Prize: This award was started in 1997. The award was established at the initiative of the Executive Board of UNESCO. The award is given to a person, organization or institution who, at the risk of life, has made an outstanding contribution to the defense and, or promotion of freedom of the press, anywhere in the world. The award is named in honor of Guillermo Cano Isaza, a Colombian journalist who was assassinated on 17 December 1986 in front of the office of his newspaper El Espectador in Bogotá, Colombia.

 

OBITUARIES

 

1. Actor-filmmaker Manobala passes away: An actor - Filmmaker Manobala, who is known for his comedic roles, passed away at 69, due to liver-related ailments. In 1979, he started his film career as an assistant director with Bharathiraja’s Puthiya Vaarpugal. He made his directorial debut with the 1982 Tamil film Aagaya Gangai. He also directed many films like - Mera Pati Sirf Mera Hai, Pillai Nila, Sirai Parvai, and Oorkavalan among others. His last directorial project was the 2002 Tamil film, Naina.

 

2. Eminent historian Ranjit Guha passed away: An eminent historian, Ranjit Guha passed away at the age of 100. Born on 23 May 1923, at Barisal in present-day Bangladesh, Guha’s family later shifted to Kolkata. Guha completed his post-graduation in history from the University of Calcutta after studying at a school in Kolkata. One of his famous contributions in the field of history is his book titled ‘Elementary Aspects of Peasant Insurgency in Colonial India’. He was associated with several renowned institutions during his career, including the Australian National University, from where he retired in 1988.